GasBuddy News Article

Fox Business
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A Cnooc spokeswoman said the deal is still awaiting overseas government approval so it couldn't be closed in the fourth quarter, as originally planned.

Earlier this month, Canada approved Cnooc's proposed acquisition of Nexen, clearing a major hurdle for the Beijing-based energy giant in completing what would be China Inc.'s biggest ever foreign acquisition. It is also the most ambitious bid by a foreign government-owned entity so far to enter North America's booming energy industry. The deal is now waiting approval by the U.S. government.

Cnooc and Nexen were already partners in developing Canada's oil sands. The Chinese company acquired Nexen's bankrupt partner, OPTI Canada Inc., which was involved in the Long Lake oil sands project, in 2011.

While the US flounders and pisses away it's resources China methodically ponders and plans it's next target. They are an odd mix, communist to the core but acting like capitalists when it's to their advantage. In this case they know that they will need to own some of this Canadian oil sand if they are to have enough oil to meet their planned future needs.

And why not. China has quickly become a jaugernaut to say the least. They are getting ever so closer to our shores, but then again, the US relies on China for just about everything anyway, not to mention the US Debt!

If anyone still thinks our country is in 'good shape' or 'on the right path', I'm afraid they are beyond dilusional.